Page 6 - Japan

Ruling LDP loses lower house majority exacerbating challenges for new PM

Support from smaller parties, such as the Democratic Party for the People (DPP) or the Japan Innovation Party (JIP), who won 28 and 38 seats respectively, could now be key for the LDP

Asian shares rise as yen dips after Japan's ruling party loses majority

Asian shares rose on Monday as the yen dipped in the midst of political uncertainty after Japan's ruling party lost its majority in Parliament's lower house in weekend elections. In currency trading, the US dollar rose to 153.76 Japanese yen from 152.24 yen. It was trading at 140-yen levels last month. The euro cost USD 1.0796, down form USD 1.0803. The weak yen is a boon for Japan's giant exporters like Toyota Motor Corp., whose stock gained 3.7 per cent in Tokyo trading. Nintendo Co. gained 2.6 per cent, while Sony Corp. rose nearly 2.0 per cent. Japan's ruling Liberal Democratic Party is still the top party, but several members failed to win reelection in Sunday's vote after a scandal involving unreported campaign funding. All told, the ruling coalition with junior partner Komeito secured 215 seats, down sharply from the majority of 279 it previously held, according to Japanese media. A change of government is not expected but the LDP may need a third coalition partner. Tokyo .

Yen dips as Japan's election outcome casts doubt on BOJ's rate hike plans

On the dollar, the yen hit its weakest since late July at 153.3 in early-morning trade

Japan's ruling party braces for blow to comfortable majority in lower house

The results could weaken Ishiba's grip on power, possibly leading Japan into political uncertainty, though a change of government was not expected

US, Japan and, South Korea join hands to support digital infra in India

The United States, Japan and S Korea on Friday announced the launch of a new framework that furthers their collaboration with the Indian private sector to support digital infrastructure in India. An announcement in this regard was made by the US International Development Finance Corporation, the Japan Bank for International Cooperation (JBIC), and the Export-Import Bank of Korea (Korea Eximbank). DFC CEO Scott Nathan, JBIC Governor Nobumitsu Hayashi, and Korea Eximbank Chairman and CEO Hee-sung Yoon signed the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework) to support projects in the information and communications technology sector such as 5G, Open RAN, submarine cables, optical fiber networks, telecom towers, data centres, smart city, e-commerce, AI, and quantum technology, a media release said. The DiGi Framework creates a streamlined process where DFC, JBIC, and Korea Eximbank, in partnership with the Indian private sector, can provide support to mee

National Stock Exchange's IPO hinges on approval from Sebi, says CEO

The National Stock Exchange of India Ltd., whose initial public offering has faced delays since it initial filing in 2016, needs approval from the Sebi to reapply

Core inflation in Japan's capital slips below BOJ's target in October

BOJ Governor Kazuo Ueda has said the bank will keep raising rates if inflation remains on track to stably hit 2 per cent as it projects

Japan, US finance chiefs discussed FX moves in bilateral meeting: Official

A weak yen has become a source of concern for Japanese policymakers as it hurts households and retailers by pushing up the cost of raw material imports

Restructuring will boost 7-eleven growth prospects: Seven & i CEO

While its Japanese 7-Eleven convenience stores are a money-spinner, Seven & i has been hobbled by poor performance at its supermarkets, including the Ito Yokado stores that make up a part

Tokyo exchange employee under probe for alleged insider trading: JPX

TBS said the relative used the information to make at least several hundreds of thousands of yen worth of profit from equity trading

Japan, UK and Italy to speed up joint next-generation fighter jet project

The defence ministers of Japan, the UK and Italy agreed to accelerate the joint development of a next-generation fighter jet, and announced that a trilateral government organisation would be established by the end of this year to work with the parties producing the aircraft, Japanese officials said Sunday. The three countries agreed in 2022 to jointly produce a new combat aircraft that will be ready for deployment in 2035, under the Global Combat Air Programme, or GCAP, to strengthen cooperation in the face of growing threats from China, Russia and North Korea. The next generation fighter jet would replace Japan's retiring F-2s that it jointly developed with the US and Britain's Tempest. On Sunday, Japanese Defence Minister Gen Nakatani, after meeting with his UK and Italian counterparts, John Healey and Guido Crosetto, said a joint body called the GCAP International Government Organization, or GIGO, will be set up by the end of this year to oversee the aircraft's development. The

Japan's ruling party headquarters attacked with firebombs, suspect arrested

A man threw several firebombs into the headquarters of Japan's ruling party in Tokyo Saturday, public broadcaster NHK and other Japanese media reported. There were no reports of injuries. Tokyo police declined to comment, noting the matter was still under investigation. The man, arrested on the spot, had driven his car into nearby fencing, the news reports said. His motive for the attack was not immediately clear. The ruling Liberal Democratic Party is increasingly unpopular with the public due to a ballooning money scandal involving dubious funding and suspected tax evasion. The party declined to comment on Saturday's attack, referring all queries to the police. Voting for the lower house of Parliament is set for Oct. 27. Some tarnished politicians lost the official backing of the ruling party but are running as independents. The party recently chose a new leader, Prime Minister Shigeru Ishiba, hoping to present a new image. But polls show its popularity plummeting, although it's

RBI cracks down on shadow banks over high-interest loans, rule violations

The Reserve Bank of India ordered four shadow banks to stop sanctioning new loans because of high interest rate charges to customers

Aging farmers face extreme temperatures while harvesting Japan's rice crop

In the remote village of Kamimomi in Japan's western Okayama prefecture, a small group of rice farmers began their most recent harvest in sweltering heat, two weeks sooner than usual. The prefecture is called the Land of Sunshine because of its pleasant climate, but farmers working among the paddy fields and ancient rice terraces say that climate change is hurting the harvest of rice, long a cornerstone of Japan's diet. Last year, an exceptional heat wave took the water out of the rice, which became small and thin, rice farmer Joji Terasaka said. So I am worried about that this year because it will be just as hot." This year Japan experienced its hottest July on record, with temperatures reaching 2.16 C (3.9 F) higher than average, according to the Japan Meteorological Agency. The globe has seen a 1.2 C (2.2 F) rise in average temperature since preindustrial times, and scientists agree that warming needs to be capped at 1.5 C (2.7 F) to stave off the worst effects of climate change.

US fund urges Seven & i to allow due diligence on Couche-Tard buyout offer

Artisan has been among some of Seven & i's vocal foreign investors who have urged the company to focus on its core convenience store business

Eleven's turnaround plan needs heavy lifting to stop Couche-Tard's takeover

In Japan, 7-Eleven stores have become a cultural touchstone, known for a ready supply of fresh food and everything from toothpaste to socks

Campaigning kicks off for Japan's parliamentary election on October 27

Official campaigning for Japan's October 27 parliamentary election began on Tuesday with new Prime Minister Shigeru Ishiba seeking a mandate for his policies and for reforms after the governing party's political funds scandal. More than 1,300 candidates were expected to enter the races for the 465-seat Lower House before registration closes later Tuesday. Ishiba called the snap election after he took office as prime minister on October 1. As customary for Liberal Democratic Party leaders over the past decade, he was to start his campaign in Fukushima to renew his pledge to support the area's recovery from the 2011 nuclear disaster. With the early election, Ishiba is seeking to secure a majority in the lower house, the more powerful of Japan's two parliamentary chambers, before the congratulatory mood fades. The move has been criticized as prioritizing an election rather than policies and for allowing little debate. A majority for the ruling coalition would be 233 seats between his

Army chief Gen Dwivedi embarks on Japan visit to boost defence cooperation

Army Chief Gen Upendra Dwivedi is on a four-day visit to Japan with an aim to bolster defence cooperation between the two countries. During his visit from October 14-17, the Army chief will also visit Hiroshima, wherein he will lay a wreath at the Hiroshima Peace Park and pay floral tributes to Mahatma Gandhi at his statue at the Peace Park. The visit marks a "significant step in bolstering defence cooperation between India and Japan," the defence ministry said in a statement here. On Monday, Gen Dwivedi will interact with Sibi George, India's Ambassador to Japan and would thereafter engage in a discussion on India-Japan relations at the Embassy of India in Tokyo. He will engage in dialogue with the senior military leadership of Japan at the defence ministry in Ichigaya on Tuesday. During his visit, the Army chief will hold meetings with Gen Yoshida Yoshihide, Chief of Staff, Joint Self Defence Force; Gen Morishita Yasunori, Chief of Staff, Japan Ground Self-Defence Force (JGSDF);

PM Modi holds bilateral talks with counterparts from Japan, New Zealand

Prime Minister Narendra Modi on Thursday held a "very productive" meeting with newly-appointed Japanese counterpart Shigeru Ishiba here during which they discussed ways to enhance cooperation in different areas, including infrastructure, connectivity and defence. Separately, Prime Minister Modi also met his New Zealand counterpart Christopher Luxon on the margins of the ASEAN-India Summit in Vientiane. Modi, who is in the Laotian capital on a two-day visit, met Ishiba on the sidelines of the 21st ASEAN-India Summit and congratulated him on his new responsibility and wished him success in leading Japan to greater heights. "Had a very productive meeting with PM Ishiba. I'm happy to have met him just a few days after he became Japan's PM. Our talks included ways to enhance cooperation in infrastructure, connectivity, defence and more. Boosting cultural linkages was also discussed," Modi said in a post on X. Ishiba was appointed Japan's prime minister just last week. He replaced Fumio

Japan's Seven & i, facing a $47 bn Couche-Tard bid, to divest some assets

Operator of 'Seven Eleven stores'- numbering over 80,000 worldwide, has been under pressure from investors to divest from its large portfolio of peripheral businesses